House and Home Design - Realestate Passion
TOP end properties in the Frankston region should gallop into spring, with demand still strong and supply limited.
But owners of lower-priced homes should be prepared for more competition and fewer buyers around.
Overall, it should be a buyer’s market as listing numbers rise with the warmer weather, according to local agents.
Agents said quality listings above $800,000 to those seeking seven-figure sales should continue to perform well.
The retreat of first-home buyers and investors in many areas will mean vendors with homes priced at $600,000 and below will have to compete strongly.
“We expect some properties to do really well and these are in blue-chip locations in Frankston South and which are tightly held and attract buyers,” Ray White Frankston director Ashley Weston said.
He noted properties in coveted areas around Frankston High School and popular primary schools should fetch strong prices with multiple offers.
“The properties that might struggle include those along main roads, back onto train lines or are located in areas with too many similar listings,” Mr Weston said.
While listings have declined throughout the region in recent years, Ray White Frankston managed to sell more homes this winter compared with last year.
It notched up 40 sales in July-August 2017 but has sold 45 over the same period this year.
“With listings picking up and more buyers out in spring, we expect a more balanced market,” Mr Weston said.
For UFirst Real Estate director Juan Merchan, the agency has secured eight auctions for October and this was an indication of increased confidence among sellers.
“The market will rise after a dormant winter which saw limited listings and fewer buyers active,” Mr Merchan said.
For vendors competing in a market with more listings, home presentation and realistic price expectations will be important to secure a sale, Mr Merchan said.
In Langwarrin, a suburb deemed a strong market by agents, demand even in winter has been good, according to Eview Universita director agent Jamie Universita.
The strong results over winter in the suburb had offset the reduced number of buyers.
“Prices have held up in Langwarrin and recent positive reports about the suburb should bring in more buyers,” Mr Universita said
The Frankston region has several suburbs rated by CoreLogic as strong-performing in terms of price growth.